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Expense Reporting Worst Practices [Cost Millions]


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Did you know that practices that you might consider acceptable when it comes to your expense reimbursement process are actually costing your organization millions of dollars? I am not kidding. Hundreds of thousands of organizations still use these practices, not realizing that they facilitate petty fraud and that these frauds occur with frightening frequency. In this episode, I’m going to discuss three of them. The odds are your organization is using at least one of them, and many will be using all three. At the end I discuss one, seemingly innocuous practice allowed in 50% of all companies that facilitates all sorts of petty fraud. #expensereport #accountspayable#accountspayablebestpractices
Those common expense reporting practices may be costing your organization millions of dollars, either in terms of questionable expenditures or excess resources spent on administering the expense reporting process.
Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For many organizations, the review of expense reports and the requests for reimbursement of expenses, is handled in accounts payable. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses.
Link to Expense Reporting Trends: Receiptshttps://youtu.be/ftWRVfF9glQ
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Host: Mary Schaeffer (www.ap-now.com)
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